What’s New?
Time & Pay partners with ZayZoon to offer employee financial wellness tools to their clients. ZayZoon has been a leader in providing earned wage access to employees across the country since 2014. Recently, however, they have expanded their offerings to help put more money in their users’ pockets, and provide more resources to help improve their financial well being.
What is Earned Wage Access?
For those not familiar with earned wage access, it’s a service that provides employees with access to the wages they have already earned prior to their regularly scheduled check date. ZayZoon‘s platform allows for employees in need to request funds through an online portal. If approved, money will be deposited into their account that day, and the total will automatically be deducted from their following paycheck. This process is automated with Time & Pay’s system so there are no manual entries, and there is zero risk to employers. Best of all, ZayZoon charges a $5 fee for each transaction, not a high interest rate that is typical amongst cash-advance establishments.
What Else Does ZayZoon Provide to Employees?
ZayZoon‘s goal is to improve financial wellness for their partners and their employees. In addition to EWA, ZayZoon offers:
- Financial Education– Intermediate and advanced educational courses and articles are available to users. Topics include everything from opening your first bank account to building credit.
- Smart Insights– Employee portals connect with user banking data to provide deeper insights into spending behavior and cash flow. Tips are also provided to help users make better financial decisions.
- Customized Alerts– Notifications can help alert users when they are at risk of incurring minimum balance or overdraft fees based on billing and pay history.
- Cash Rewards– earned wages can be transferred to gas cards or gift cards at no cost, and users can receive up to a 25% bonus with each transaction.
What Are the Benefits to Employers?
A Forrester study found that 48% of employees who are stressed about their financial situation are more likely to consider leaving their current job. A Deloitte study found that 83% of employees indicate that financial stress impacts their productivity at work. In addition, the same study found that employees who experience financial stress take, on average, nearly six extra sick days per year. Bottom line, employee financial wellness tools reduce costs for employers related to lost productivity, hiring, and training.
Time & Pay is proud to partner with ZayZoon in order to help put their clients and their employees in a better financial position. If you would like learn more about ZayZoon, and how to add their services to your employee benefits package, contact us today!
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